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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for pten
Woll Street
31 Jan 15 08:34:26
$CLR $PTEN some other energy plays that may get some attention Monday if crude/ng can hold up in futures..
12Stocks.com
31 Jan 15 03:03:21
Weekly MidCap #Stocks Performance $HAR $COMM $FSL $MWV $EA $X $TUP $CIE $AMD $INFA $SD $PTEN $HHC $MAN more@ http://t.co/gYYX3fEVde
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30 Jan 15 19:41:50
Weekend Top 100 | Momentum Trading with RaginCajun http://t.co/LHVh0ll8p9 $AAPL $MRVL $X $OAS $PTEN $CDE $XEC
clayton
30 Jan 15 18:36:35
PTEN 17.16 Patterson-Uti Energy $PTEN added to my watch list. Right now with PTEN I am watching the last price http://t.co/xNSYBa7jW6
clayton
30 Jan 15 18:36:13
$PTEN PTEN 17.16 Patterson-Uti Energy $PTEN stock added to my watch list. Right now with PTEN I am watching the last http://t.co/Sl5S1VVtRM
David Moadel
30 Jan 15 17:05:16
Earnings reports next week for $OIL related companies: Monday is $XOM $APC, Tuesday is $BP $NOV, Wednesday is $MPC, Thursday is $VLO $PTEN
12Stocks.com
30 Jan 15 16:02:58
MidCap #Stocks Performance $MAN $NBR $WLL $PTEN $CLF $CLR $OCN $CAM $DNR $SM $OIS $SD $NEU $SDRL $OAS more@ http://t.co/gYYX3fEVde
12Stocks.com
30 Jan 15 13:00:47
MidCap #Stocks Performance $MAN $NBR $EPE $WLL $LPI $OCN $CLF $PTEN $SM $DNR $CLR $NFX $RES $X $OIS $UPL more@ http://t.co/gYYX3fEVde
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30 Jan 15 11:32:03
$PTEN $VZ: Stocks Roundup:Patterson-UTI Energy, (PTEN), Verizon ...: http://t.co/Zx8mChmkDT
MICHAEL FILLOON
30 Jan 15 11:09:04
Patterson-UTI Energy's PT cut by Citigroup Inc. to $19.00. buy http://t.co/tYj0MhRV8t $PTEN #PTEN via @RatingsNetwork http://t.co/wQxRXdY2Mr
Mark Trader
30 Jan 15 09:37:54
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12Stocks.com
30 Jan 15 08:52:40
MidCap #Stocks Performance $MAN $OCN $CLF $UPL $PKI $FEYE $NBR $HP $SDRL $EMN $LPI $MDR $PTEN $MTW $CAM more@ http://t.co/gYYX3fEVde
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30 Jan 15 06:55:47
$PTEN, 13G filed by Artisan Partners Limited Partnership http://t.co/Nk6yGYcXQf
mr13g
30 Jan 15 06:23:18
$PTEN Ammended SC 13G filed by: Artisan Partners Limited Partn, subject: Patterson Uti Energy Inc, Percent: 5.8% http://t.co/CxalIqxTA9
NASDAQ
30 Jan 15 06:17:39
$PTEN - Amended Statement of Ownership (sc 13g/a) http://t.co/LPsNbpvgE1
Breaking News
30 Jan 15 06:13:06
$PTEN: New SEC Filing for PTEN: Form SC 13G/A, No. 0001193125-15-026709 http://t.co/8fa7Dfn1si http://t.co/eyT3cFvNTc
StockNewsWires
30 Jan 15 02:31:05
$PTEN: Citigroup Rating Disclosure on Patterson-UTI Energy, Inc.: http://t.co/HagMRLVeAH
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29 Jan 15 12:43:41
Patterson UTI Energy $PTEN Showing Support Near $14.19 ( http://t.co/GRI4e2mIbb )
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29 Jan 15 11:04:03
$PTEN
Blueshift Research
29 Jan 15 10:12:34
Our recent "Updates From the Oil Patch" report-#Niobrara drilling/completions are hurting, Contractors feeling the pinch: $HP, $NBR, $PTEN
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29 Jan 15 09:31:06
$PTEN $DNR: Penny Stocks in the News - UTI Energy (PTEN), Denbury Resources ...: http://t.co/3qnu0f89pr
US Consumer News
29 Jan 15 07:48:12
Patterson-UTI Energy's PT cut by Citigroup Inc. to $19.00. buy rating. http://t.co/fUfNFCEdbM $PTEN #PTEN
WKRB News
29 Jan 15 07:47:23
Patterson-UTI Energy PT Lowered to $19.00 at Citigroup Inc. $PTEN http://t.co/8UxPYQsWf9
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29 Jan 15 07:45:47
Patterson-UTI Energy's PT cut by Citigroup Inc. to $19.00. buy rating. http://t.co/f4M7HPvune $PTEN #PTEN
ProTradersNews
29 Jan 15 07:41:04
$PTEN: Patterson-UTI Energy Given New $19.00 Price Target at Citigroup ...: http://t.co/vNpt5yaTDd
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29 Jan 15 05:32:53
$PTEN Patterson-UTI Energy Larger Than S&P 500 Component Denbury Resources http://t.co/fg81mXaqwe
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29 Jan 15 05:32:53
$PTEN Patterson-UTI Energy (PTEN) Stock Plunges Today on Falling Oil Prices http://t.co/K3WehmqcC9
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29 Jan 15 05:02:24
Mid cap equity with solid fundamentals $PTEN
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29 Jan 15 04:27:28
1 Day Increase in ATM IV (Point change) $NBR, $UPL, $SYNA, $PTEN, $MRO http://t.co/QdeVzmyOgR
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29 Jan 15 04:27:28
1 Day Increase in ATM IV (Point change) $NBR, $UPL, $SYNA, $PTEN, $MRO http://t.co/yKsW4J2ibk
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29 Jan 15 03:51:02
$SM $PTEN $FTK $BPZ: Energy stocks rattled by oil: SM Energy Co (NYSE:SM), Patterson ...: http://t.co/jyw59f1BkC
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29 Jan 15 01:46:05
$PTEN: Update: Patterson-UTI Energy, Inc. Short Interest Disclosure: http://t.co/SG1FmsmK8e
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29 Jan 15 01:06:07
$PTEN: Patterson-UTI Energy, Inc. Analyst Rating Update: http://t.co/89yvSAWR4b
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28 Jan 15 22:32:51
Energy stocks hit hard as crude inventories surge $NBR $PTEN $PES $PDS $KEG $DNR $NFX $SM $SGY $SD $EOG $PXD http://t.co/t7kumCVIHW
MICHAEL FILLOON
28 Jan 15 13:52:35
Energy hit as crude inventories surg http://t.co/NQESGNuQho $NBR, $PTEN, $PES, $PDS, $KEG, $DNR, $NFX, $SM, $SGY, $SD http://t.co/un5Bjq6lzl
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28 Jan 15 13:02:47
$PTEN received a new alert. Find out why at http://t.co/5lwmDm2SCs #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 476
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28 Jan 15 13:01:49
Energy stocks hit hard as crude inventories surge http://t.co/Ps49PTJtFf $NBR $PTEN $PES $PDS
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28 Jan 15 12:09:07
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28 Jan 15 10:01:13
Big move from open: http://t.co/SegDqg712J, $EA, $BA, $TEL, $CSTM, $STJ, $FSL, $TXT, $MTOR, $BBG, $FTK, $PTEN, $ABC, $ATW, $NBR, $CIT
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28 Jan 15 09:01:04
$HP $PTEN $USO: Oil Names Slump as Weekly Crude Inventory Shows Increase (NBR ...: http://t.co/I5XKntWrjV
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28 Jan 15 07:47:36
Patterson-UTI Energy $PTEN Stock Plunges Today on Falling Oil Prices http://t.co/SfsqigOd6j
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28 Jan 15 07:44:40
Patterson-UTI Energy $PTEN Stock Plunges Today on Falling Oil Prices http://t.co/b5Tey8aNcp
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28 Jan 15 07:44:36
Patterson-UTI Energy $PTEN Stock Plunges Today on Falling Oil Prices http://t.co/NhmDf2kG5H
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28 Jan 15 03:03:47
Weekly MidCap #Stocks Performance $SD $NFLX $AMD $COMM $CYN $CLR $PTEN $NBR $WLL $ASNA $INFA $CREE $KOS more@ http://t.co/gYYX3fEVde
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27 Jan 15 19:25:32
$PTEN long setup over 1/27 high https://t.co/kSmkWzLPpE via http://t.co/ykmhIi84Eb
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27 Jan 15 16:03:31
MidCap #Stocks Performance $COMM $SD $AOS $OSK $PII $WTW $INFA $PTEN $DO $NBR $LPI $WLL $FI $AMD $MYGN more@ http://t.co/gYYX3fEVde
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27 Jan 15 13:01:08
MidCap #Stocks Performance $COMM $SD $AOS $PII $NBR $LPI $AMD $OSK $PTEN $WLL $MYGN $WAT $DO $INFA $LXK more@ http://t.co/gYYX3fEVde
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27 Jan 15 11:46:59
ICYMI: Goldman Sachs: Job Cuts May Reach 70,000 in Energy Industry This Year http://t.co/5QPo81wSVd $HAL $BHI $SDRL $RIG $SLB $PTEN
Mark Trader
27 Jan 15 11:16:01
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Mark Trader
27 Jan 15 04:56:42
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By  +Follow October 4, 2013 8:22AM
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